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20130411
20130419
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month. >> he will not negotiate around the debt ceiling. >> thank you for your testimony to date. on want to talk about the president's proposal but on the question of the death and how we arrived at this moment in time am i correct or is it fair to say that the 2001 bush tax cut that was not paid for at the time by this congress come add to this country's debt burden? >> there were two wars that were not paid for and a prescription drug plan was not paid for. >> as a result of the collapse of the economy in 2008 we took a $22 trillion hit, by some object of estimates necessitating a substantial bailout by this congress by financial institutions and a similar package, both of which presumably also added to our debt burden. is that correct? as it relates to the forward-looking plan, that you articulated that 5 believe would total $4.3 trillion in deficit-reduction over the next, it does seem to be a forward-looking plan, my suggestion to the contrary, what very peculiar situation as it relates to our recovery under the president's administration, six million private-sector jobs th
to be confronted in the next weeks and months as you and the chairman pointed out is the debt ceiling. i hope we have all learned from our experience in the summer of 2011 that it is irresponsible and reckless for the united states to suggest that it will not meet its financial obligations. the there's bondholders, social security recipients, due to other people have contracted with the united states government. in the house in the next couple weeks, we are expected to take up a bill that says, you know what, we can prioritize their deaths. based on that book take on first, but other debts and obligations including this congress have taken on, they don't have as high a priority. could you, mr. secretary, secretary of the treasury comment on what impact it would have on our economy and the signal is sent to the international communist united states were to default on any of its obligations? >> congressman, that notion you prayer a case which is the obligation congress authors should be paid is one that just doesn't work. hhs would obligation your defaulted non. we have never in the history defaul
without a lot of trauma drawn on and on time. the debt ceiling issue approaching as later this summer we have an opportunity. the house is going to move now and put its priorities in place in the senate what do they agree or not we are going to move now and early to reassure people america will pay its debt but to reassure investors and those watching we are serious about tackling our problems. >> host: has sequestration affected your district? >> guest: it hasn't and in fact we talked in our town hall meetings we do a lot of them, people just sort of kind of laughed when we talk about a 500 lb government being forced to lose 10 pounds. people know it's just a small step. they are upset that it looks like the white house is choosing to inflect political pain on the community such as closing local air-traffic towers but for the most part, they think it is a small but important step in the right direction. >> host: was it a political victory for republicans? >> guest: i think it helped reassure americans that we were serious about making some small but important steps in the right directio
that was demanded by the republicans in the house for the increase in the debt ceiling. at the end of the day, we got 2-1/2 trillion in spending restraints. the caps and the sequester, have been repeated efforts by democrats in the senate and the white house to try and undo that agreement of august 2011, but it's held. the sequester is holding. despite the historianics of not having easter egg hunts or not letting kids go through the white house, not letting the blue angels fly. they do that and looks silly, the boy who cried wolf. and at the end of the day we taxpayers won the fight, and those who believed in d.c., you had to raise taxes, in order to get any spending restraint, were wrong. we got suspending restraint without the tax increases. obama -- president obama is again saying'll never let you cut the budget unless you give me more tax increases. he said that the last three years and has lost several times on that fight. so does he want to have spending retrain or spitelement reform? -- restraint or entitlement reform? i don't think so. just look backwards. his first two years a democrati
to unfold and as the debt ceiling once again approaches. indeed, it was made all the more worrisome by the house republican hearing yesterday that focus on the debt ceiling in terms of the possibility of prioritizing our obligations, obligations all emanating from congressional actions. we cannot continue on this dangerous path. hopefully this hearing will serve a constructive opportunity to embrace a different path. i yield back. >> thank you very much, mr. levitt. again, it's my pleasure to welcome secretary jack lew back to the committee on ways and means. we look forward to your testimony. the committee has received your written statement. it will be made a part of the formal record. secretary lew, you're recognized for five minutes. >> thank you, mr. chairman, and thank you, mr. chairman, ranking member levin, for your gracious welcome here today. it's an honor to appear and to visit the president's budget for next year. and i sit here as the chairman noted, surrounded by four decades of memories of many important occasions. when bipartisan cooperation has moved the country for
by the amount raised the debt ceiling, 2.1 cheyenne. 1.1 trillion was sequestered. if the agreement was not reached by the committee in the committee did not reach an agreement, there is no provision in the budget control act agreement to raise taxes. the president did raise taxes $600 billion, there was never an agreement to raise taxes. so that's where we've got a loggerhead. this is the problem. at the end of debate i remember when the president guaranteed the american people sequester wouldn't happen. but it is happening. it's happening right now in the law. the house has proposed a budget that eliminates cuts on the defense department, besides other cuts to replace them when. the president is saying he wants to eliminate the sequester are apparently indicates he does, but he wants to do it raising taxes and that is a nonstarter. under our current day, we increase spending every year. the difficulty is that pointed out before our committee so many times is half the reductions in spending and sequester file on the defense department come which only make ucmj six of the spending i
Search Results 0 to 5 of about 6